(News Bulletin 247) – After regaining support, on contrarian bases, on a support level on Thursday, to end up 0.72% at the close, the Nasdaq Composite should start the last session of a volatile week. in the red after the publication of stronger-than-expected inflation in the sense of the PCE. What further warm the 10-year Treasuries, yields of US sovereign bonds LT, which are dangerously close to 4%.

PCEs (personal consumption expenditures) have, for the month of January, at a monthly rate increased by 0.6%, against a target of +0.4% and a month of December at +0.4%. What mechanically put pressure on the Fed to maintain a firm monetary policy. First victims in these circumstances: growth stocks, especially the heavyweights of American tech, an index that the index that interests us here is full of.

The good dispositions yesterday, to be put in large part on the excellent prospects of Nvidia, are already to be forgotten. Especially since the latest figures on employment published yesterday, namely weekly registrations for unemployment benefits once again below 200,000 new units, once again demonstrate the state of tension in the job market across the Atlantic.

KEY GRAPHIC ELEMENTS

On the bearish opening gap, the index is about to sink to 11,450 points, the pivot level which is the upper limit of a former lateral range channel (10,250 – 11,450 points). This old range is the preferred work base for future sessions.

FORECAST

Considering the key chart factors we have mentioned, our opinion is negative on the Nasdaq Composite index in the short term.

This bearish scenario is valid as long as the Nasdaq Composite index is trading below the resistance at 12260.00 points.

The News Bulletin 247 board

Nasdaq Composite
Negative
Resistance(s):
–
Medium(s):
–

CHART IN DAILY DATA

Graphic made from the software Prorealtime



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